Metrics

The Nuclear Wait

With climate talks starting in Copenhagen next month, many countries are eager to report advancements in nuclear power.

The United States now has new applications for 26 nuclear power reactors — impressive at first glance because the industry has been at a near-standstill for 30 years. But the government approval process is
lengthy, and no new building has begun.

Companies that design reactors, like General Electric and Westinghouse, and construction firms that build them, have experienced swift growth as countries in Europe and Asia clamor for their business.

But the companies are concerned that the credit crisis has dealt a critical blow to nuclear power in the United States, which had been perceived as undergoing a renaissance starting in 2004.

“If the U.S. is going to be able to compete in the world economy in the future, we have to expand nuclear at the pace of other countries,” said Aris Candris, chief executive of Westinghouse. “Energy
is behind every source of wealth generation.”

Not everyone embraces expansion. Some countries are proceeding cautiously, concerned that the climate advantages may not outweigh the financial costs and environmental risks of nuclear waste.

Nevertheless, more than 70 new plants are under construction around the world as the demand for energy — and the aversion to carbon emissions ­— continues to rise.